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What is CGF (The Credit Guarantee Fund)

Chapter 3
Handbook of Research on the Impacts and Implications of COVID-19 on the Tourism Industry
CGF was founded in 1993 to provide support by giving credit guarantees and acting as a joint guarantor to SMEs and other companies in Turkey that fail to present collateral when applying for a bank loan.
Published in Chapter:
Financial Impacts of COVID-19 on Tourism: Evidence From Some Listed Companies
Derya Üçoğlu (Istanbul Bilgi University, Turkey)
Copyright: © 2021 |Pages: 24
DOI: 10.4018/978-1-7998-8231-2.ch003
Abstract
Tourism is a vulnerable sector to risk-related events such as natural disasters, terrorist attacks, economic crises, or infectious diseases. After the outbreak of COVID-19 being confirmed a pandemic in March 2020, the operations of tourism companies decreased sharply due to the restrictions and measures imposed as the virus was being transmitted easily between people through droplets or particles that float in the air. Therefore, this chapter focuses on the financial impacts of COVID-19 on tourism by examining the financial statements and disclosures of some listed companies. Although there are some studies on the potential effects of the COVID-19 on the economy or the businesses, there are hardly any concerning the financial impact of the pandemic on tourism companies as of the end of pandemic's first year. This study identifies the effect of COVID-19 on the financial position and performance of tourism companies, COVID-19 related risks, the strategies implemented by companies and their possible impact on operations.
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